financial plan
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What is a financial plan and why do you need one?TRANSCRIPT
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What is a financial plan and why do you need one?
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A financial plan is a personalized comprehensive strategy for accomplishing your financial goals.
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Investors with financial plans have twice as much in savings and investments as investors without plans.
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The first step is to identify your current financial position including constructing a net worth statement and budget.
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Short, medium, and long term financial goals must then be made clear.
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Identify variables such as inflation, life expectancy, rates of return, and spending levels.
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If desired, develop a schedule for funding an education savings account.
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Identify life, disability, long-term care, and liability insurance needs and purchase policies without paying commissions.
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Align your estate planning documents to transfer your estate while minimizing taxes.
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Determine when you should begin taking social security.
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Analyze the value of refinancing your mortgage.
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Stocks
Bonds
Cash
Identify an asset allocation between stocks, bonds, and cash that represents your risk tolerance.
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Develop a method for determining the quality of your current investments and evaluating alternatives.
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Write down an investment policy statement defining rules concerning what and when to buy and sell.
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Construct a schedule and plan to consistently monitor your financial circumstances.
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Invest in your future by developing a financial plan. Call 801-566-0740 today for a free consultation.